Citigroup Center Bites the Dust

Back in December, real estate kingpin Mort Zuckerman dropped the news that he planned to change the name of Citigroup's headquarters in Midtown. ("We're tired of the fact that every time Citibank has a problem all of the TV cameras come and photograph the Citigroup Center sign on the front of our building," an exec at Zuckerman's Boston Properties confessed to a reporter at the time.) It's a done deal! Although Boston Properties didn't find another company willing to pay to stamp its name on the front of the office complex, as of June 1, it will be known as 601 Lexington Avenue. Citi won't be updating employees' business cards and stationary, which is a good thing since that will save US taxpayers from extending the bank a bailout at Kinko's. The saddest thing? It's Citi defeatist attitude about the switch: "These changes were made by the building's landlord, Boston Properties, to greatly enhance the building and reflect its prestigious tenancy," reads the Citigroup memo. Consider the lack of Citi branding on the front just such an enhancement; now you just need to buy stock in Boston Properties to take advantage of the sudden rise in property values. [Dealbreaker]